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Dubai: Get ready to readjust your budget as parking spaces at the Jumeirah Lakes Tower (JLT) district will soon have to be paid for.

The Roads and Transport Authority (RTA) in Dubai and the Dubai Multi Commodities Centre (DMCC) have signed an agreement that calls for managing and operating the car parks of visitors at JLT.

The parking space in the JLT will be activated in two stages. The first stage, which will be activated before the end of 2017, covers 1,936 parking slots classified into different zones according to the needs of the area.

About 460 parking slots will be provided in the second stage extending up to 2020. However, there will be no seasonal parking permits for the area as residential parking is provided within residential towers.

“Dubai is one of the fastest growing cities in today’s world, and Jumeirah Lakes Towers is one of its most exciting and busiest districts. Providing smart, efficient and high quality solutions for the people of Dubai has been high on the government’s agenda,” said Eng. Maitha Bin Adai, chief executive officer of Traffic and Roads Agency at the RTA.

According to the agreement, which was signed on Sunday, the installation of the new parking zones aims to streamline parking in areas with high occupancy rates and to provide the largest number of parking slots for users.

“We look forward to working with DMCC to enhance the overall community experience, and making mobility across the JLT district easier and smoother,” said Bin Adai.

Timings for parking will be from 8am to 10pm, Saturdays to Thursdays, at a rate of Dh4 per hour.

Premium parking will be provided at a rate of Dh10 per hour for a maximum of three hours. Other parking slots will be offered at a rate of Dh4 per hour with no maximum parking period set, while several parking slots have been provided for people of determination at the entrances of tower blocks.

Ahmed Bin Sulayem, executive chairman of DMCC, said: “Jumeirah Lakes Towers is a vibrant community, where over 92,500 people live and work every day. As a master developer of the community, we continuously seek to provide new solutions that will make everyday life in JLT more convenient and efficient for everyone.”